Who Has the Cheapest Renters Insurance Quotes in New Jersey?

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This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

No matter your background, New Jersey has a place for you. That means that there are millions of people of all types living in homes and apartments, making the most of life and always looking forward. And looking forward is wise, because it also means one’s attention can be turned to potential risks such as fires, storms, or even crime. Yet renters insurance can mitigate these threats by ensuring you have something to fall back on even if the worst happens to your place. And if you’re worried about price, don’t, because we looked into finding the cheapest providers in the state.

Here are the five cheapest renters insurance providers operating in New Jersey:

The Five Cheapest Quotes:

With quite a few different cities (with different environments and risks) in New Jersey, there are similarly different quotes people might get from insurance providers. Therefore, we ask you to consider the following company breakdowns as general rules and not specific to your future experience.

The number listed next to each provider is the average annual rate for a standard policy.

1) State Farm: $128

The cheapest option for most states in the country as well as New Jersey, State Farm is a wonderful choice for you if you happen to be looking for an inexpensive, basic plan with fewer bells and whistles. If you need to fulfill a requirement and not look back, don’t look much further than here. Further still, you might be able to get an even cheaper policy if you’re willing to install some security measures in your home or get other policies from State Farm.

Naturally, there are tradeoffs, and for State Farm the customer service isn’t perfect. Additionally, water damage and flooding coverage range from poor to nonexistent, and we understand if this puts State Farm in the no column for you.

You can expect the following working with State Farm:

  • A strong level of coverage for the cost.
  • Some ability to customize your coverage.
  • A fantastic loss-of-use plan that will keep you stable should your apartment become ruined.

2) Amica: $176 

A somewhat more expensive yet more customer-service focused option for people looking for renters insurance, Amica prides itself on customer retention and customer satisfaction, and there’s no doubt you’ll get the same impression should you work with them. You will also be able to rely on them to cover a wide variety of events (vandalism, guest injury incidents, temporary relocation)

The main tradeoff with Amica will be a lack of customization options when compared to other policies. Also, depending on your policy and contract, you may want to be concerned with a jump in your rate way down the line, as has been reported by some customers.

You can expect the following working with Amica:

  • An easy claims process that will minimize stress during a difficult time.
  • Optional coverages which include computer and smartphone coverage, personal property replacement (depreciation will not be a factor).
  • Several types of discounts you can utilize, including loyalty discounts, an autopay discount, bundling, and others.

3) Farmers: $205

A great choice for people who value a good service and reducing frustration in their life, Farmers is much like Amica, but with far more customization options available to you as part of the onboarding process, even to the degree where you can modify your deductible. And in New Jersey, you can work with them at a lower price than most people would get.

Yet great as they are, Farmers does have a few problems such as inadequate jewelry coverage, and you may also run into a bit too much paperwork to your liking. It’s part of the process, but they can do customers better.

You can expect the following working with Farmers:

  • A very friendly customer service team who is always willing to help.
  • Discounts for professionals such as police officers, doctors, and teachers.
  • Optional coverages such as identity theft protection, pet damage coverage, and better liability coverage.

4) Allstate: $245

Normally relatively cheaper than its competitors in other states, with its massive infrastructure and organization throughout the country, Allstate can still be a fantastic choice for those uninterested in State Farm who are looking for a general option that will handle all of the basic coverages (and a bit more). They can also be a great choice hoping to get a bundle with their auto insurance.

However, like State Farm, they don’t always provide the best customer service, especially when both Amica and Farmers have cheaper policies in the state. You also might find yourself wishing for a few more customization options.

You can expect the following working with Allstate:

  • If you live closer to the coast or are particularly worried about storms, Allstate has excellent water damage and flood coverage options available.
  • Strong online claims options and information available if you have any questions.
  • Optional water damage, identity theft, and business property coverages.

5) Liberty Mutual: $248

Normally we might be a bit hesitant to recommend Liberty Mutual to people if it’s the most expensive option, but in this case, Liberty Mutual can be a great choice if you are looking for a policy that provides coverage for nearly every problem you can come across at an above-average level. They have very few weaknesses when it comes to renters insurance, and it shows. Think of it as the most robust all-around option.

You may want to watch out for a few things other than the price though, as there are price hikes for some people in certain areas. Additionally, not all their insurance products are so well-regarded, so bundling could be risky.

You can expect the following working with Liberty Mutual:

  • A wide range of insurance products if you need additional coverage in another area, just read the reviews first.
  • Optional coverages for identity theft, jewelry, electronics, high-value items, water damage, and more.
  • Great online services and claims support.

Conclusion

The people in New Jersey are like no others, but the threats facing your apartment are often all too common. So, no matter what your lifestyle is or where you are renting, we recommend you get insurance to take certain disasters off the table. We hope that the above information shows that it’s perfectly affordable and, in most cases, easy to get. Once you put a few hours in to do your research, the returns will be more than worth it in the long run.